The Ministry for Finance welcomes the European Commission’s assessment of Malta’s 2020 Draft Budgetary Plan, which was found to be ‘Compliant’ with the requirements for 2020 under the Stability and Growth Pact (SGP).
The Commission assesses the draft budgetary plans of the euro-area Member states which summarise the draft budgets that governments submit to national parliaments. It then provides an opinion on each plan and ranks them in three categories according to their compliance with the requirements of the SGP 2020: ‘Compliant’ being the best category, or otherwise ‘Broadly Compliant’ and ‘Risk of Non-Compliance’.
“I am pleased to note that Malta was amongst the nine euro-area Member States, including Germany, Ireland, Luxembourg, the Netherlands and Austria, where the Budget for 2020 was found to be ‘compliant’ and thus given the green light by the Commission. We look forward to the final Budget approval by the Council of the European Union in early December,” stated Minister for Finance Edward Scicluna.
Malta is also expected to be amongst the seven euro-area Member States expected to be above their medium-term budgetary objectives in 2019, and above or at par in 2020.
This positive result from the European Commission follows that received a few weeks earlier from the same Commission, wherein Malta was forecasted to record the highest economic growth rates in the EU for the coming two years.